Restatement of Previous Unaudited Interim Financial Statements (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Summary of the Effect of Restatement on the Financial Statements

The following tables restate the unaudited financial information and summarize the effect of the restatement on each impacted financial statement line item, including subtotals, as of the dates, and for the periods, indicated (in thousands):

	As Reported		Adjustments		As Restated
Condensed Consolidated Balance Sheet as of March 31, 2023
Assets
Current assets:
Restricted cash	$	996,945	$	550,000	$	1,546,945
Accounts and other receivables	2,369,235		(1,380)		2,367,855
Other current assets	2,992,792		—		2,992,792
Total current assets	6,358,972		548,620		6,907,592
Goodwill	5,380,050		—		5,380,050
Other intangibles, net	2,197,587		—		2,197,587
Other noncurrent assets	651,314		—		651,314
Total assets	$	14,587,923	$	548,620	$	15,136,543
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,907,841	$	(1,380)	$	1,906,461
Customer deposits	1,481,004		550,000		2,031,004
Other current liabilities	2,814,700		—		2,814,700
Total current liabilities	6,203,545		548,620		6,752,165
Notes payable and other obligations, less current portion	4,700,550		—		4,700,550
Other noncurrent liabilities	801,968		—		801,968
Total noncurrent liabilities	5,502,518		—		5,502,518
Stockholders' equity:
Additional paid-in capital	3,109,065		—		3,109,065
Retained earnings	7,425,604		—		7,425,604
Other equity	(7,652,809)		—		(7,652,809)
Total stockholders' equity	2,881,860		—		2,881,860
Total liabilities and stockholders’ equity	$	14,587,923	$	548,620	$	15,136,543

	As Reported		Adjustments		As Restated
Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023
Operating activities
Net income	$	214,835	$	—	$	214,835
Adjustments to reconcile net income to net cash provided by operating activities
Changes in operating assets and liabilities:
Accounts and other receivables	370,962		1,380		372,342
Accounts payable, accrued expenses and customer deposits	(446,508)		548,620		102,112
Other	188,376		—		188,376
Net cash provided by operating activities	327,665		550,000		877,665
Investing activities
Net cash used in investing activities	(159,027)		—		(159,027)
Financing activities
Borrowings from revolver	1,964,000		—		1,964,000
Payments on revolver	(2,490,000)		—		(2,490,000)
Borrowings on swing line of credit, net	310,719		—		310,719
Other	(2,434)		—		(2,434)
Net cash used in financing activities	(217,715)		—		(217,715)
Effect of foreign currency exchange rates on cash	29,298		—		29,298
Net increase/(decrease) in cash, cash equivalents and restricted cash	(19,779)		550,000		530,221
Cash, cash equivalents and restricted cash at beginning of period	2,289,180		—		2,289,180
Cash, cash equivalents and restricted cash at end of period	$	2,269,401	$	550,000	$	2,819,401

	As Reported		Adjustments		As Restated
Condensed Consolidated Balance Sheet as of June 30, 2023
Assets
Current assets:
Restricted cash	$	1,456,992	$	272,280	$	1,729,272
Accounts and other receivables	2,460,650		(9,850)		2,450,800
Other current assets	3,005,927		—		3,005,927
Total current assets	6,923,569		262,430		7,185,999
Goodwill	5,473,603		—		5,473,603
Other intangibles, net	2,107,081		—		2,107,081
Other noncurrent assets	674,400		—		674,400
Total assets	$	15,178,653	$	262,430	$	15,441,083
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,679,702	$	(9,850)	$	1,669,852
Customer deposits	2,013,236		272,280		2,285,516
Other current liabilities	2,742,952		—		2,742,952
Total current liabilities	6,435,890		262,430		6,698,320
Notes payable and other obligations, less current portion	4,678,258		—		4,678,258
Other noncurrent liabilities	801,069		—		801,069
Total noncurrent liabilities	5,479,327		—		5,479,327
Stockholders' equity:
Additional paid-in capital	3,176,562		—		3,176,562
Retained earnings	7,665,306		—		7,665,306
Other equity	(7,578,432)		—		(7,578,432)
Total stockholders' equity	3,263,436		—		3,263,436
Total liabilities and stockholders’ equity	$	15,178,653	$	262,430	$	15,441,083

	As Reported		Adjustments		As Restated
Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2023
Operating activities
Net income	$	454,537	$	—	$	454,537
Adjustments to reconcile net income to net cash provided by operating activities
Changes in operating assets and liabilities:
Accounts and other receivables	(365,572)		9,850		(355,722)
Accounts payable, accrued expenses and customer deposits	348,643		262,430		611,073
Other	389,072		—		389,072
Net cash provided by operating activities	826,680		272,280		1,098,960
Investing activities
Net cash used in investing activities	(201,215)		—		(201,215)
Financing activities
Borrowings from revolver	4,351,000		—		4,351,000
Payments on revolver	(4,817,000)		—		(4,817,000)
Borrowings on swing line of credit, net	255,750		—		255,750
Other	(31,561)		—		(31,561)
Net cash used in financing activities	(241,811)		—		(241,811)
Effect of foreign currency exchange rates on cash	38,401		—		38,401
Net increase in cash, cash equivalents and restricted cash	422,055		272,280		694,335
Cash, cash equivalents and restricted cash at beginning of period	2,289,180		—		2,289,180
Cash, cash equivalents and restricted cash at end of period	$	2,711,235	$	272,280	$	2,983,515

	As Reported		Adjustments		As Restated
Condensed Consolidated Balance Sheet as of September 30, 2023
Assets
Current assets:
Restricted cash	$	1,221,279	$	480,761	$	1,702,040
Accounts and other receivables	2,655,275		(76,674)		2,578,601
Other current assets	2,983,704		—		2,983,704
Total current assets	6,860,258		404,087		7,264,345
Goodwill	5,553,546		—		5,553,546
Other intangibles, net	2,164,999		—		2,164,999
Other noncurrent assets	685,664		—		685,664
Total assets	$	15,264,467	$	404,087	$	15,668,554
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	1,895,280	$	(76,674)	$	1,818,606
Customer deposits	1,783,311		480,761		2,264,072
Other current liabilities	3,059,628		—		3,059,628
Total current liabilities	6,738,219		404,087		7,142,306
Notes payable and other obligations, less current portion	4,637,211		—		4,637,211
Other noncurrent liabilities	829,586		—		829,586
Total noncurrent liabilities	5,466,797		—		5,466,797
Stockholders' equity:
Additional paid-in capital	3,227,476		—		3,227,476
Retained earnings	7,936,802		—		7,936,802
Other equity	(8,104,827)		—		(8,104,827)
Total stockholders' equity	3,059,451		—		3,059,451
Total liabilities and stockholders’ equity	$	15,264,467	$	404,087	$	15,668,554

	As Reported		Adjustments		As Restated
Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2023
Operating activities
Net income	$	726,033	$	—	$	726,033
Adjustments to reconcile net income to net cash provided by operating activities
Changes in operating assets and liabilities:
Accounts and other receivables	(809,487)		76,674		(732,813)
Accounts payable, accrued expenses and customer deposits	428,580		404,087		832,667
Other	558,743		—		558,743
Net cash provided by operating activities	903,869		480,761		1,384,630
Investing activities
Acquisitions, net of cash acquired	(429,914)		—		(429,914)
Proceeds from disposal of business, net of cash disposed	197,025		—		197,025
Other	(112,757)		—		(112,757)
Net cash used in investing activities	(345,646)		—		(345,646)
Financing activities
Repurchase of common stock	(546,910)		—		(546,910)
Borrowings from revolver	6,495,000		—		6,495,000
Payments on revolver	(6,770,000)		—		(6,770,000)
Borrowings on swing line of credit, net	180,723		—		180,723
Other	139,728		—		139,728
Net cash used in financing activities	(501,459)		—		(501,459)
Effect of foreign currency exchange rates on cash	(30,431)		—		(30,431)
Net increase in cash, cash equivalents and restricted cash	26,333		480,761		507,094
Cash, cash equivalents and restricted cash at beginning of period	2,289,180		—		2,289,180
Cash, cash equivalents and restricted cash at end of period	$	2,315,513	$	480,761	$	2,796,274

There is no impact to the previously filed Consolidated Statements of Income and Consolidated Statements of Comprehensive Income, or any line item therein, for the Restated Periods. The as-filed Statements of Income have been provided below for reference.

	As Reported		As Reported		As Reported		As Reported		As Reported
Condensed Consolidated Statements of Income	Three Months Ended March 31, 2023		Three Months Ended June 30, 2023		Three Months Ended September 30, 2023		Six Months Ended  June 30, 2023		Nine Months Ended September 30, 2023
Revenues, net	$	901,333	$	948,174	$	970,892	$	1,849,507	$	2,820,399
Expenses:
Processing	204,967		205,265		208,217		410,232		618,449
Selling	81,592		86,412		85,954		168,004		253,958
General and administrative	154,684		159,356		147,839		314,040		461,879
Depreciation and amortization	84,232		83,676		84,750		167,908		252,658
Other operating, net	663		815		(845)		1,478		633
Operating income	375,195		412,650		444,977		787,845		1,232,822
Investment (gain) loss	(190)		18		30		(172)		(142)
Other expense (income), net	746		(2,424)		(13,432)		(1,678)		(15,110)
Interest expense, net	79,795		88,486		88,285		168,281		256,566
Total other expense, net	80,351		86,080		74,883		166,431		241,314
Income before income taxes	294,844		326,570		370,094		621,414		991,508
Provision for income taxes	80,009		86,868		98,598		166,877		265,475
Net income	$	214,835	$	239,702	$	271,496	$	454,537	$	726,033
Earnings per share:
Basic earnings per share	$	2.92	$	3.24	$	3.71	$	6.17	$	9.87
Diluted earnings per share	$	2.88	$	3.20	$	3.64	$	6.08	$	9.72
Weighted average shares outstanding:
Basic weighted average shares outstanding	73,521		73,887		73,165		73,705		73,523
Diluted weighted average shares outstanding	74,483		75,001		74,604		74,763		74,733